Winneba (C/R), April 18, GNA- Mr Bazaanah B. Fidelis, Deputy General Manager, Technical Services, of the Credit Union Association (CUA), has urged Ghanaian workers to discard the notion that one can only save when there is surplus income.

Mr Fidelis said that theory was no longer applicable, since the income most Ghanaians was insufficient to leave a surplus. "Savings in Ghana should be regarded as a matter of great sacrifice from the little that we earn," he said.

Mr Fidelis gave the advice at the third Annual General Meeting (AGM) of the Awutu-Effutu-Senya District Teachers Credit Union at Winneba.

He said to be able to make that sacrifice, the worker must establish a definite purpose for the savings and must be discipline enough to allow the savings to accumulate. "You should make savings the first item on your monthly budgets and where there is a deficit, you should not touch the savings but rather adjust other items to make up for the shortfall", he said. Mr Fidelis expressed his satisfaction that the 117 teachers in the District, who were members of the Credit Union, were able to mobilize GH¢430,000 within nine years and urged non-members and those in other Districts to stop regarding themselves as poor because their salaries were meagre.

Mr Alex Bernard Ankomah, Chairman of the Board of Directors of the CUA, saw the emergence of new financial institutions, some of whom were moving from "department to departments" offering loans to workers as the greatest challenge to the existence of Credit Unions in the country. He appealed to CUA to find additional fund for its members to enable them to meet their loans requirements.

Mr Ankomah said the Union's share capital increased to GH¢12,587.66 from GHc10,780.80 in 2006. The total assets also increased from GHc350,658.68 in 2006 to GHc415,264 in 2007. Savings of the Union increased from GH¢292,227 to GHc393,783.08 in 2007 and granted loans to the tune of GHc168,223.20 The Chairman said they made a gross profit of GHc30,570 and recommended a dividend of GH¢0.50 per share.

Mr M.A. Yirenky, Central Regional Co-operative Officer expressed his concern about the high rate of loan delinquency in the Union and advised the Board to take measures to arrest it. Mr Daniel Kweku Arhin, Municipal Director of Education advised teachers not to allow the creation of the new Awutu-Senya District and the Effutu Municipal Assembly to disintegrate the society. He appealed to teachers on study leave to honour their obligations to their Credit Unions.